Marktomslag: Bitcoin Reverses Wednesday’s Losses, Ether Climbs

Bitcoin’s price reversed Wednesday’s losses on Thursday. Traders and analysts, echter, have largely kept a short-term bearish view because some are attributing gains in bitcoin and other cryptocurrencies to GameStop’s stock drama.

  • Bitcoin (BTC) handel rond $32,607.78 vanaf 21:00 UTC (4 p.m. EN). Winnen 3.17% over de vorige 24 uren.
  • Bitcoin's 24-uurs bereik: $29,921.96-$32,934.56 (CoinDesk 20).
  • BTC boven zijn 10-uur- en 50-uurgemiddelden op de uurgrafiek, een bullish signaal voor markttechnici.

Bitcoin handelt op Bitstamp sinds jan. 26.
Bron: TradingView

GameStop’s stock drama seems to be galvanizing not just stock markets but bitcoin and other cryptocurrencies, many of which reversed their losses of just a day ago, similar to what happened in the U.S. equities market. The most notable winner was dogecoin (DOGE), which hit a new all-time high earlier Thursday.

Bitcoin volumes on major crypto exchanges in January.
Bron: CoinDesk-onderzoek, CryptoCompare

Few attribute bitcoin’s price gains Thursday to market fundamentals. That’s because the crypto community still looks to be distracted by the GameStop (NYSE: GME) situation. A group of Redditors on a board called WallStreetBets (WSB) sent the video game retailer’s shares skyrocketing in order to squeeze hedge funds that were betting the stock’s price would go down.

Lees verder: Bitcoin Rebounds From Early Losses, Markets Still Distracted by GameStop

“We are still on a downward chart from the $40,000 hoogtepunten,” John Willock, chief executive at digital asset exchange Blocktane, vertelde CoinDesk. “So the short-term volatility of up to 10% can be attributed to the market still finding its footing and consolidating to a more firm, sustained price level for the near future.”

Aan de technische kant, bitcoin is near short-term oversold levels, yet momentum is still on the downside, volgens Katie Stockton, managing partner bij Fairlead Strategies.

“After a period of stabilization, the 50-day moving average (MA) looks in store for a test, and currently resides near $26,460,” said Stockton. “Bitcoin has characteristics of a risk asset, and therein could remain under pressure until the equity market works off its own excesses.”

Retailer traders’ fear of missing out (FOMO) may be the big driver of both equity and crypto markets at the moment, but it isn’t clear if new institutional investors are buying more bitcoin, which could affect its price.

As CoinDesk reported previously, many institutions may be pausing bitcoin purchases until they have further clarification on how the new Biden Administration views bitcoin and other cryptocurrencies.

Lees verder: Bitcoin valt als mijnwerkers verkopen, Instellingen kijken naar Yellen

While some negative comments were made by Treasury Secretary Janet Yellen last week, there hasn’t been any big statement from anyone else in the administration regarding bitcoin. To some, that is a positive sign.

“The Biden administration has paused processing the much-discussed and disliked proposed rule for U.S.-based crypto service providers that would stifle trading and asset transfers, which is improving sentiment and prospects for a market lift,” Blocktane’s Willock said.

Willock also noted on Friday the CME’s January bitcoin futures contracts expire. That exchange caters primarily to institutional investors, so many of its clients will likely be adjusting their positions after a “very volatile” first month of 2021 and will decide whether they need to take profits or reduce exposure.

Ether follows positive trends from bitcoin, DeFi

De op een na grootste cryptocurrency qua marktkapitalisatie, ether (ETH), was donderdag op, handel rond $1,332.19 en klimmen 3.37% in 24 uur vanaf 21:00 UTC (4:00 p.m. EN).

Like most of the other cryptocurrencies, ether’s price has followed bitcoin’s recovery, according to Vishal Shah, an option trader and founder of derivatives exchange Alpha5. Another main driver is the growth of decentralized finance (DeFi).

“Blue-chip DeFi names have been performing quite well,” Shah said. “Ether still remains a proxy for that world.”

Op perstijd, most DeFi tokens on Messari’s DeFi Asset tracker are higher. Tegelijkertijd, de totale waarde vergrendeld (TVL), as provided by analytics website DeFi Pulse, was bij $26.4 billion for the past 90 dagen. On Wednesday TVL was at a high of $29 billion for the past 12 maanden, again according to DeFi Pulse data.

Bron: DeFi Pulse

Andere markten

Digitale activa op de CoinDesk 20 are mostly higher Thursday. Opmerkelijke winnaars vanaf 21:00 UTC (4:00 p.m. EN):

  • 0X (ZRX) + 17.49%
  • Kosmos (ATOOM) + 14.38%
  • Stellair (XLM) + 13.15%

Opmerkelijke verliezers:

  • Tether (USDT) – 0.09%
  • USD coin (USDC) – 0.08%

Grondstoffen:

  • De olie was weg 1.1%. Prijs per vat West Texas Intermediate ruwe olie: $52.27.
  • Goud was in het groen 0.03% en bij $1842.15 vanaf de perstijd.

Schatten:

  • De 10-jarige VS.. Treasury bond yield climbed Thursday to 1.053.

De CoinDesk 20: De activa die het belangrijkst zijn voor de markt

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Bron: Coindesk

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